Amazon shares have taken a 10% hit after the e-commerce platform-to-streaming giant admitted it was struggling under a weight of costs that would knock its performance. The company’s first quarter results included its first quarterly loss since 2015 though the $3.8bn sum was blamed on a $7.6bn writedown in the value of its investment in
Business
Sainsbury’s has warned that its profits this year will be hit by soaring inflation and a fall in customers’ disposable incomes. Britain’s second-largest grocer behind Tesco said that its underlying profit before tax in 2022-23 was expected to be between £630m and £690m, compared to the £730m underlying profit it has reported for the year
Facebook’s parent company has reported its weakest revenue growth for a decade but witnessed a recovery in its share price following a torrid 2021 to date for the company. Meta Platforms recorded revenue of $27.9bn between January and March – slightly below what Wall St had expected. The company had warned at the time of
Tesla shares sank 12.2% overnight, wiping $126bn off the company’s value amid investor concern that chief executive Elon Musk might sell his shares to fund equity for his $44bn buyout of Twitter. The drop in Tesla shares would equate to a $21bn drop in the value of Mr Musk’s stake in the car-maker – the
Three lifeboats have been launched to help a P&O ferry that has developed a “mechanical issue” in the Irish Sea. The European Causeway “lost all power”, the RMT union said. It is currently five miles off the coast of Larne, according to tracking website Marine Traffic. P&O tweeted that tugs from Larne and Belfast had been deployed
The owner of Boots has set a mid-May deadline for final bids for Britain’s high street chemist as it battles an array of economic headwinds which threaten to depress its valuation. Sky News has learnt that Walgreens Boots Alliance’s (WBA) advisers at Goldman Sachs have notified suitors for the chain that it is seeking formal
The average asking price of a house in Britain has hit a new record, pushing over the £360,000 mark, according to website Rightmove. The average asking price has surged by £19,082 over the past three months, reaching £360,101. Some 53% of properties are selling at or over their final advertised asking price, the highest percentage
Oil prices have hit near two-week lows, with analysts pointing to events in China and the US as possible reasons for a fall in demand. The price of Brent crude, the international benchmark, was down by $3.15 or 3% early on Monday, falling to $103.50 a barrel. Earlier in the session, it hit $103.41 –
Rishi Sunak will this week attempt to put his recent political troubles behind him when he courts City figures at a Conservative donors’ dinner designed to bolster party finances. Sky News has learnt that the chancellor will speak at the event in central London on Tuesday evening, with guests being charged £10,000 for a 10-person
The three final bidders for Chelsea FC are being pressed to provide more details of the club’s proposed administration and governance arrangements as they inch closer to becoming the new owners of last season’s Champions League winners. Sky News has learnt that the remaining consortia vying to buy the Blues for well over £2bn were
Supermarkets across the UK have placed limits on how much cooking oil that customers can buy due to supply-chain problems caused by Russia’s invasion of Ukraine. Most of the UK’s sunflower oil comes from Ukraine, which has resulted in restrictions applying to that product as well as olive and rapeseed oils at some supermarkets. Tesco
The US-based brand licensing empire which includes Reebok and a controlling stake in David Beckham’s consumer goods stable is exploring a takeover bid for Ted Baker, the London-listed fashion chain. Sky News has learnt that Authentic Brands Group (ABG), which was recently valued at nearly $13bn (£10.1bn), is among several parties who have been in
The owner of Britain’s biggest chain of upmarket holiday villages is lining up bankers to oversee a review of its options, which could pave the way for an auction valuing it at £4bn. Sky News understands that Brookfield Property Partners, the Canadian property giant, is close to appointing Barclays to advise on the future of
Retail sales plunged by 1.4% last month – far more than expected – as consumers tightened their belts in the face of the squeeze in living costs, according to official figures. The Office for National Statistics (ONS) said the decline was largely driven by a drop in demand for online purchases and pointed to dented
Elon Musk has secured the financing for his takeover bid of Twitter, including £16.1bn of his own fortune, according to a new regulatory filing on Thursday. The remainder of the funding, amounting to more than £19.5bn, will be provided through two debt commitment letters offering a series of loans from Morgan Stanley Senior Funding. Twitter
Sir Lewis Hamilton and Serena Williams, two of the world’s biggest sports stars, are committing millions of pounds to one of the bids vying to become the new owners of Chelsea Football Club. Sky News can exclusively reveal the full line-up of investors backing the takeover offer for Chelsea spearheaded by Sir Martin Broughton, the